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Banks say exchange market normalizes at US$130M daily

Santo Domingo.- The Dominican Republic Commercial Banks Association (ABA) on Monday said the actions taken by the financial entities and the Central Bank are contributing to normalize the exchange market, which it affirms tops US$130 million daily.

It said those actions include making the purchase and sale of futures in foreign currency through “forward-looking” operations, for those customers who have no foreign exchange needs for now, but who can foresee purchases as protection against future uncertainties and their own expectations.

“In addition, they contemplate combined operations of the sale of foreign currency by the Central Bank with liquidation through the delivery of cash or early redemption of securities issued by the monetary institution, with a view to cover the accumulated for foreign currency demand,” the ABA said in a statement.

The ABA adds that the market’s daily foreign currency trading ranges from US$85 million to US$90 million, but the demand has reached as high as US$130 million in recent weeks.

Source: DT

Feb 14, 2017

Category: DR News |

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Last updated March 24, 2017 at 2:14 PM
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